MADRID, 22 Mar. (EUROPA PRESS) -

ID Finance has announced the closing of a financing round worth 30 million euros, led by the British fund manager Kingsway Capital.

This is the largest round of financing closed by a Spanish fintech so far this year, according to the firm in a statement. In addition, the operation has received a 'green light' from the Council of Ministers, after obtaining a favorable report from the Foreign Investment Board.

The transaction consists of a primary capital injection and the acquisition of shares from ID Finance's initial investors. The capital contributed by the investor has been structured in the form of a convertible bond, starting from a maximum valuation of 235 million euros.

The capital will be invested in the organic growth of the company, with special focus on the development of Plazo, both in Spain and in Mexico. The fintech points out that, given the strategic importance of this line of business, the co-founder of the company, Boris Batine, will assume the role of CEO of Plazo.

ID Finance has nearly five million users in Spain and Mexico and uses advanced analytics systems and machine learning algorithms to provide access to financial services.

In 2021, it launched Plazo, a financial 'app' that offers debit, savings and credit solutions and which currently has around 120,000 customers.